Qatari Diar Real Estate Investment Company has signed an investment partnership agreement with Egypt’s New Urban Communities Authority (NUCA) to develop a large-scale tourism and urban project in the Alam El Roum area on the North Coast of Matrouh Governorate.

Valued at approximately $29.7 billion USD, the development spans about 4,900 acres and stretches 7.2 kilometres along the Mediterranean coastline. It is expected to attract investments, boost economic growth and create both direct and indirect job opportunities.

The project will include one international marina and two local marinas, residential neighbourhoods, tourism and entertainment facilities, open artificial lakes and golf courses. Other planned features include hospitals, schools and government offices.

Around 60 percent of the total land use is designated for residential developments, while service areas will occupy 15 percent. The remaining 25 percent is planned for roads, public squares, and landscaped open spaces. The land is set to be handed over without encumbrances in two main phases, followed by several smaller stages.

The signing ceremony was attended by Egypt’s Prime Minister Mostafa Madbouly, Minister of Finance Ahmed Kouchouk and Minister of Housing, Utilities and Urban Communities Sherif El Sherbini.

Representing Qatar were the Minister of Municipality and Chairman of the Board of Directors of Qatari Diar Abdullah bin Hamad bin Abdullah Al Attiyah, CEO Ali Mohammed Al Ali and Chief Development and Project Delivery Officer for Asia and Africa Sheikh Hamad bin Talal Al-Thani.

The partnership includes a cash contribution of $3.5 billion and an in-kind consideration of 39.6 hectares of built-up area, expected to generate revenues of at least $1.8 billion. After recovering its full investment, Qatari Diar will allocate 15 percent of the project’s profits to NUCA, covering output from the company and its subsidiaries.

According to comments made by CEO Ali Mohammed Al Ali to Qatar News Agency, the Alam El Roum project “represents a new step in developing luxury destinations in Egypt.” He stated that it will be managed by a project company under Qatari Diar, working alongside NUCA to apply international design standards.

Images courtesy of رئاسة مجلس الوزراء المصري (Egyptian Cabinet).